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IDB finances photovoltaic solar energy project for private sector in Uruguay

Tuesday, August 5th 2014 - 06:21 UTC
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With a total installed capacity of 64.8MW, the plant will be part of the La Jacinta Solar Energy Project located in northwest Uruguay With a total installed capacity of 64.8MW, the plant will be part of the La Jacinta Solar Energy Project located in northwest Uruguay

The Inter-American Development Bank (IDB) has approved a 40.9 million dollars loan from its ordinary capital and 25 million from the Canada Climate Fund, which is administered by the Bank, to finance the private sector in Uruguay in the construction, operation and maintenance of a photovoltaic solar energy plant and its related facilities.

 With a total installed capacity of 64.8MW, the plant will be part of the La Jacinta Solar Energy Project located five kilometers south of Salto in northwest Uruguay. It will supply on average 96 GWh of electricity per year to the national grid, allowing for an easing of Uruguay’s dependence on energy from fossil fuels.

“This marks another step forward for the country in the introduction of non-traditional renewable energy in the energy network,” said Jean-Marc Aboussouan, head of infrastructure at the Structured and Corporate Financing Department, the IDB unit tasked with financing large-scale private sector projects.

“It also shows that solar energy, like wind power, can be competitive and viable in financial terms in the region.”

The main benefits expected from the project include a 64.8MW increase in installed capacity in non-conventional renewable energy. This will support Uruguay’s strategy of diversifying its energy network, eliminate approximately 18,000 tons per year in carbon emissions and boost the private sector’s role in the energy sector. Furthermore, it will encourage competition by bringing a new operator into the market and a new technology into the sector.

The Structured and Corporate Financing Department (SCF) leads all IDB non-sovereign guaranteed operations for large-scale projects, companies and financial institutions in Latin America and the Caribbean. The department serves as a catalyst, helping to mobilize third-party resources by partnering with commercial banks, institutional investors, co-guarantors and other co-financing entities in high-impact development projects.

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  • ChrisR

    Mmm. The numbers although reasonable for the project at 61.7 days at full rated output giving a yearly efficiency of approximately 17% are still at odds with the application for funding at the IDB.

    No reason why is given, though I suspect it will be related to the expected failure rate of individual cells and panels themselves.

    Although these units will be of the latest type of cell they still don’t give any output at night. Just like the overblown windmills don’t give output in low wind OR high winds. Like the children’s story of the three bears it has to be ‘just right’ for the windmill to work. High winds of course usually set fire to the head: jolly dee.

    BUT, and there’s ALWAYS a but in Uruguayo matters, the dead hand of UTE will be in ‘control’ (an oxymoron of the greatest imaginable sort). Give them 10 years and it will be wrecked and the private business nowhere to be seen.

    But perhaps ANCAP (an equally moronic and badly run monopoly over fuels and other things) will have found oil for us by then. HA, HA, HA, HA. This bunch couldn’t find their arses if they were sitting on them. We are told there is U$D 250 M ‘missing’ from the accounts. Now I wonder where that has gone?

    I bet 'No Money Pepe's' best mates could tell us.

    Aug 05th, 2014 - 10:26 pm 0
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